Seabridge Gold Inc 6-K, filed Apr 29, 2021
Seabridge Gold Inc (SA)
About this 6-K
Seabridge Gold Inc filed this 6-K on April 29, 2021.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2021
Commission File Number 1-32135
SEABRIDGE GOLD INC.
(Name
of Registrant)
106 Front Street East, Suite 400, Toronto, Ontario, Canada
M5A 1E1
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [X]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes[ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _______________
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Seabridge Gold Inc. | ||
| (Registrant) | ||
| By: | /s/ Chris Reynolds | |
| Name: | Chris Reynolds | |
| Title: | VP Finance and CFO | |
| Date: April 29, 2021 | ||
EXHIBITS
| Exhibit | Description | |
| 99.1 | News Release dated April 29, 2021 |
News Release
| Trading Symbols: |
TSX: SEA | For Immediate Release |
| NYSE: SA | April 29, 2021 |
Seabridge Sells Residual Red Mountain Interest for US$18 Million
Toronto, Canada... Seabridge Gold (TSX: SEA, NYSE:SA) announced today that it has sold its residual interests in its previously owned Red Mountain project located in northwestern British Columbia for US$18 million in cash to Sprott Resource Streaming and Royalty. Cantor Fitzgerald Canada Corporation acted as financial advisor to Seabridge on the sale.
As background, in May 2017 IDM Mining Ltd. completed the exercise of its option to acquire a 100% interest in Red Mountain from Seabridge. Under the terms of the option agreement, IDM was further obligated to make a $1.5 million cash payment to Seabridge upon the commencement of commercial production at Red Mountain, and Seabridge retained the right either to receive a further $4.0 million cash payment or to keep a gold stream to acquire 10 per cent of the annual gold production from the Project at a cost of $1,000 (U.S.) per ounce up to a maximum of 50,000 ounces produced (50,000 ounces to Seabridge). In March 2019, IDM was acquired by Ascot Resources who now owns 100% of the Red Mountain Project, subject to these residual interests under the option agreement.
Commenting on the sale, Rudi Fronk, Chairman and CEO of Seabridge noted "the sale of our residual interests in Red Mountain is consistent with our 21+ year business plan of selling non-core assets at opportunistic times to fund activities at our core projects. To date, we have generated over $75 million in non-core asset sales with the proceeds being redeployed into our core assets where we believe we can drive greater shareholder value."
Seabridge holds a 100% interest in several North American gold projects. Seabridge's assets include the KSM and Iskut projects located near Stewart, British Columbia, Canada, the Courageous Lake project located in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project located in the Yukon Territory. For a full breakdown of Seabridge's mineral reserves and mineral resources by category please visit Seabridge's website at http://www.seabridgegold.com.
None of the Toronto Stock Exchange, New York Stock Exchange, or their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.
Technical Information
Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this press release, including any references to mineral resources or mineral reserves, was prepared in accordance with Canadian National Instrument 43-101 ("NI 43-101"), which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC") applicable to U.S. domestic issuers. Accordingly, the scientific and technical information contained or referenced in this press release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.
| ON BEHALF OF THE BOARD | |
| "Rudi Fronk" | |
| Chairman and C.E.O. | |
| For further information please contact: | |
| Rudi P. Fronk, Chairman and C.E.O. | |
|
Tel: (416) 367-9292 • Fax: (416) 367-2711 |
|
| Email: info@seabridgegold.com |
106 Front Street East, Suite 400, Toronto, ON M5A 1E1, Canada
Telephone: 416-367-9292 www.seabridgegold.com